Navy Federal Credit Union is offering some very competitive mortgage rates. In addition to competitive rates, the credit union is also offering 100 percent financing which is unusual for these times. 100% financing is for purchasing a home only, not for refinancing your current mortgage.  Another noteworthy benefit is that private mortgage insurance (PMI) is not required, which is unusual for a loan whose loan-to-value ratio exceeds 80%.

Current fixed conforming 30 year mortgage rates are being advertised at 4.75% with 1.25 mortgage discount points or 5.00% with 0.25 mortgage points. 15 year conforming mortgage rates are currently advertised at 4.25 percent with 0.75 mortgage points.

30 year jumbo mortgage rates are being advertised at 5.00 percent with 1.25 mortgage discount points. 15 year jumbo rate mortgages are being advertised at 4.50 percent with 0.75 points.

Here are current mortgage rates at Navy Federal Credit Union.

• 30Yr Conforming 4.750% rate with 1.25 points
• 30Yr Conforming 4.865% rate with 0.25 points
• 30Yr Super Conforming 4.875% rate with 1.25 points
• 30Yr Super Conforming 5.00% rate with o.25 points
• 15Yr Conforming 4.250% rate with 0.75 points
• 15Yr Conforming 4.375% rate with 0.25 points
• 15Yr Super Conforming 4.375%  rate with 0.75 points
• 15Yr Jumbo 4.500% rate with 0.75 points

The credit union is also advertising FHA mortgage rates, VA mortgage rates, and adjustable mortgage rates.

Here are some of the benefits of the 100% financing loans:

• No down payment required
• 15- or 30-year fixed rates
• No Private Mortgage Insurance (PMI) required
• Seller concessions up to 4% allowed
• Available for loans up to $650,000

For more information on Navy Federal Credit Union mortgages visit Navy Federal Credit Union.